Vegorama Punjabi Angithi IPO Sees 76% Booking on Day 1, GMP and Subscription Details Revealed.

Vegorama Punjabi Angithi IPO Sees Strong Opening, Receives 76% Subscription on Day 1

The initial public offering (IPO) of Vegorama Punjabi Angithi, a leading player in the food and beverage sector, commenced on Wednesday, 20 May, and will conclude on Friday, 22 May. The IPO price band for the company is set at ₹73 to ₹77 per equity share, with a face value of ₹10 per share. Investors can bid for a minimum of 1,600 equity shares, with the option to acquire additional shares in increments of 1,600.

Established in March 2022, Vegorama Punjabi Angithi operates through its restaurant chain, "Punjabi Angithi," which focuses on providing affordable North Indian and Punjabi cuisine through a quick-service restaurant (QSR) concept. The company offers its offerings via dine-in, takeaway, and food delivery options, and has developed a significant footprint in urban and semi-urban areas by prioritising high-quality food at reasonable prices.

To support its growth strategy, Vegorama Punjabi Angithi aims to enhance its operations by investing in new restaurant formats, centralised kitchens, and cloud kitchens. At present, the company runs 19 cloud kitchens and two fine-dining establishments in the Delhi-NCR area.

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The company received bids for 25,07,200 shares against 33,16,800 shares on offer at 13:54 IST, according to chittorgarh.com. The IPO is expected to generate approximately ₹38.38 crore via a mix of new shares and an offer-for-sale segment.

The BSE SME offering includes a fresh issuance of 39.87 lakh shares valued at about ₹30.7 crore, as well as an offer-for-sale of 9.96 lakh shares totaling ₹7.68 crore. Prior to the IPO opening, the company has successfully secured ₹10.9 crore from anchor investors. The firm intends to use the proceeds from the IPO to fund growth strategies, including establishing new cloud kitchens, enhancing infrastructure, and improving operational capabilities.

Corporate Makers Capital is the primary book-running manager for the issue, whereas Bigshare Services serves as the registrar. Pace Stock Broking Services is serving as the market maker for the IPO. The estimated listing price of Vegorama Punjabi Angithi share price was indicated at ₹85 apiece, which is 10.39% higher than the IPO price of ₹77, considering the upper end of the IPO price band and the current premium in the grey market.

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